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North Fork Market Watch

By all signs, the housing market is bouncing back in 2013. With tighter spring inventory, rising home prices, increased building, and a decline in foreclosures, housing is making a steady recovery. With a busy summer rental season and housing sales back to their pre-recession norms, 2013 is shaping up to be a great year.

This is particularly true on the North Fork, where the long-awaited beach days have arrived. After a brutal winter beginning with Super Storm Sandy and ending with a blizzard named “Nemo,” the North Fork has finally thawed out. With hyper Spring fever, the North Fork summer rental market has heated up, and buyers are becoming aware that the days of a bargain are long gone, and the time to act is now.

Judi Desiderio, of Town & Country Real Estate says, “The North Fork market established a firm floor in the fourth quarter of 2012 and 2013 is a balanced market thus far, with the median home sale price up over 20%.” She observes, “All agents are busier then they have been in years and deals are being made!” And, she says, “The rental market has also been busy.” She remarks, “The hot areas on the North Fork are all about the farm vistas and waterfront.”

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Joseph De Sane, of The Corcoran Group on the North Fork says, “All signs point to being off to a good start in the first quarter of 2013 with lots of activity to report in both rentals and sales.” He says, “The market is steadier and more stable compared to a year ago, when there was still some uncertainty and confusion.” And, “We are also nearing an end to the ‘distressed properties’ in the market and are experiencing a turnaround.” He says, “Orient has been the busiest market as it is considered ‘uncharted territory.’” He remarks, “The market is bouncing back on the North Fork as it will always be a desirable place to live with its amazing beauty and vitality.”

Karla Dennehy, of Douglas Elliman Real Estate in Mattituck says, “The number of sales transactions in the first quarter of 2013 is up by over 10% compared to the same time last year, with more homes coming on the market again.”  She says, “The rental season has been steady this spring and sales inventory will start to tighten up this summer. Those homes that are priced correctly and are in good condition are moving very quickly.” And, “Bayfronts are always going to be in demand as are well-priced creekfronts.” As she remarks, “Anywhere there’s water, there’s demand.” She predicts “a busy spring and summer season that is already shaping up to be great.”

Kimberly Lane - Southold

Carol Szynaka, of Daniel Gale Sotheby’s International Realty in Cutchogue says, “In 2013, both entry level and middle range markets on the North Fork have enjoyed robust sales. As inventory is low and prices are rising, sharp buyers are recognizing opportunities to own premium properties at value pricing.” She also says, “Land is selling as many buyers are opting to purchase land to build their own custom designed homes.” And, “Greenport is enjoying a boom in both sales and rentals. Urbanites are gravitating to the area, boaters are discovering Greenport Harbor’s new docking facilities, and a new pedestrian ferry is transporting passengers from Sag Harbor to Greenport. By land and sea Greenport is becoming a destination location.” She is “optimistic that it will be a good spring and summer selling season.”

Spring is a time when the picturesque rocky beaches of the North Fork lay beckoning. Those long summer days by the sound or bay are like the ebb and flow of the tides, forever renewing the hopes and dreams of a glorious time spent in paradise. With the housing market roaring back, now is the time to make those dreams a reality.

 Ruth Thomas, a freelance writer on the East End enjoys history, music, literature, art, nature, the beach, and her cute dachshund, Clancy. She can be contacted at rhthomas@optimum.net